Olea raises $500k, appoints Richards, Marwick to board

Ascot-based olive oil maker Olea Australis Ltd will raise $500,000 through a placement to fund the continued expanion of its Dandaragan Estate.

The full text of a company announcement is pasted below

The Directors of Olea Australis today announced a placement of 27,777,778 shares at 1.8c to raise a total of $500,000. The capital raised will assist with the growth of the business both in the wholesale and branded areas.

As was foreshadowed in the Company's last prospectus and with the increased Olive Oil available after the current harvest, the additional capital will facilitate the continued, measured, expansion, of the high margin Dandaragan Estate branded product both nationally and internationally.

Dandaragan Estate is currently sold in 10 countries around the world and selected specialty retailers and restaurants throughout Australia.

Olea Australis also announces the appointment of Mr. Ken Richards and Mr. Anthony Marwick to the Board of Directors and the resignation of Directors Mr. Jon Whittle and Mr. Brian Peat. Mr. Ken Richards is currently Chief Executive Officer of the company and will become Managing Director.

Mr. Anthony Marwick, who comes with a strong marketing and operational background, has previously held the positions of General Manger Australia of S.W. Hart (Solarhart Industries) and National Marketing Manager of Playtex Ltd. He established Birwick March Pty Ltd and Solco Industries, establishing 13 manufacturing locations around the world.

Mr. Anthony Marwick or parties associated with him have subscribed for 11,111,111 shares at 1.8c as part of the above placement and the issue of those shares will be subject to a resolution at a general meeting of shareholders in the near future

The company would like to thank Jon Whittle and Brian Peat for their valuable service and their efforts in assisting with the significant changes the company has undergone in the last 3 years. They leave the company in a significantly improved position.